Capitalism, the Unknown Ideal - Requiem for Man Summary & Analysis

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Rand begins the chapter by reiterating her point that capitalism is incompatible with altruism and mysticism. She cites an encyclical by Pope Paul VI which expresses contempt for capitalism. The document is written from a mystic-altruist point of view. The system functions on the basis of profit and this is what motivates the economic participants. The system is based on private ownership and functions on the basis of competition. These are the bases for which the system is condemned. A nation functioning on this basis is America, and the fact is the only way to raise the standard of living is to raise the productivity of labor. When government sets the objectives to be obtained, then it is a totalitarian state.

The one thing the encyclical does not do is to define terms. Rand asks what is meant by liberty or...

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This section contains 634 words
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